Here are some things you need to know as markets open today in the United Arab Emirates.
1) The rights issue of Arabtec Holding will be tradable on the Dubai Financial Market (DFM) between May 15 and May 21. The opening price of the rights issue has been set at 1 fil as minimum price through all of its trading sessions. The rights issue will be free-floated on its inaugural day, and movement will be in line with DFM’s fluctuation range from second day onwards.
2) Dubai-listed theme parks operator DXB Entertainments net loss grew to AED 292 million in the first quarter of 2017, compared to a loss of AED 38 million in the same period last year.
3) Gulf Pharmaceutical Industries (Julphar) has scheduled a board meeting on May 18 to discuss and approve Q1 2017 financial reports.
4) RAK Ceramics, listed in Abu Dhabi, posted a net profit attributable to owners of AED 55 million for Q1 2017, compared to AED 57.8 million for the same period last year.
5) National Industries Group Holding Co. will hold a board meeting on May 14 to discuss and approve the financial reports for the first quarter this year.
6) Dubai-listed Drake and Scull International has scheduled a board meeting on May 14 to review and approve Q1 2017 financial reports.
7) Abu Dubai-listed Agthia Group's board will meet on May 11 to elect the chairman and vice-chairman of the board.
8) Nasdaq Dubai and Tunisia’s Bourse de Tunis have set up a task force to pave the way for Tunisia’s first ever sukuk issuance. The task force is considering commercial, legal and regulatory issues including shariah-compliance.
9) Oil prices edged up on Wednesday amid reports that OPEC and non-member producers were considering extending the output cap deal beyond the initial six months. Brent crude and WTI crude were last trading up 0.7 percent at $49.05/bbl and $46.22/bbl, respectively.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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